CIRIDAE RAISES $20M TO AUTOMATE BACK-OFFICE WORK
■ AI-SUMMARIZED FROM 2 SOURCES ▸ TIMELINE
Ciridae, an AI startup focused on streamlining back-office operations for real-economy businesses, closed a $20M seed round led by Accel with participation from a16z.
■ MORE FROM THE STARTUPS DESK
Newlight has secured $9 million in seed funding to develop hydrogen fuel-injection technology for maritime vessels. The company completed an 8,500-nautical-mile test run from Singapore to Ghana.
Indian edtech startup upGrad has completed its acquisition of rival Unacademy in an all-stock transaction valuing the company at approximately $206 million. The deal marks a dramatic decline from Unacademy's peak valuation of $3.5 billion.
Physics-focused AI startup PSI has emerged from stealth with $58 million in seed funding. The company aims to use artificial intelligence to accelerate the discovery of new physics, including potential solutions for interstellar travel.
India's Unacademy has sold to rival upGrad for $206 million, a dramatic 94% decline from its peak valuation. Co-founder Gaurav Munjal acknowledged the sharp downturn without embellishment.